Dendreon Corporation (DNDN)

The European Commission has granted Dendreon (DNDN) marketing authorization for its Provenge treatment for prostate cancer, with the approval also including Norway, Iceland and Liechtenstein.

It's a rare ray of sunshine for Dendreon, which seems to have few fans on Wall Street these days amid poor sales for Provenge. In June, Wedbush analyst David Nierengarten predicted that even with EU approval, the drug has little chance of success.

RBC's Michael Yee is out with some commentary on Dendreon (DNDN+1.4%) which has suffered through an unusually dismal string of negative chatter from the Street including a Wedbush note which included a price target of $0.

Yee says there's a 70% chance the shares trade at current levels or below (down to $1).

There's also a 30% chance DNDN strikes a partnership or sells assets which could propel the stock to $3-4.

No need to sugarcoat it: The news out of Dendreon (DNDN) Thursday was bad. First, investors learned that the company has essentially abandoned the notion of posting Y/Y sales growth for Provenge in H2 and second, DNDN says CFO Greg Schiffman is leaving the company come December.

The prospects for the company look decisively grim according to nearly everyone who has cared to comment.

Wedbush has actually cut its price target on the stock to $0, saying there is nothing ahead but a "painful restructuring" and a wipeout for equity investors. (analyst note)

Shares of Dendreon (DNDN-4.9%) slip again today on trailing volume. The stock has now given back most all of its 16% run it racked up on Monday as investors took advantage of the run to take profits ahead of its upcoming earnings announcement.

The company plans to announce Q2 earnings on Thursday before the open, and will host a conference call at 4:30 p.m. EDT to review financial results.

Wedbush analyst David Nierengarten says Dendreon's (DNDN+4.2%) chances with Provenge in the EU are practically zero. While the EMA is likely to grant approval, Nierengarten asks "Who's going to make it?" He points out that no European manufacturer has yet stepped up to work with the company. "All-in," he concludes, "we do not estimate any sales for Provenge in the EU, and we do not believe the European opportunity, if there is one, would be profitable in any significance."